Sacramento, CA – Today, Assemblymember Chris Holden introduced legislation, AB 512, which would allow Housing Related Entities (HREs), like city housing departments and affordable housing developers, to purchase vacant land owned by Caltrans in the 710 North Corridor, at the original purchase price, for the purpose of building affordable housing.
“The State of California is in a housing crises, yet the state owns vacant land in the 710 Corridor that could be used to build affordable housing,” said Assemblymember Chris Holden. “My bill would make it easier for the cities in the 710 corridor, or the HREs to purchase these lands and build urgently needed affordable housing.”
Specifically, AB 512, allows Caltrans to sell the vacant lands to HREs at the same price as it was originally acquired by Caltrans 70 years ago if the property will be used for low and moderate income rental level for at least 55 years.
“With the freeway fight over, now is the time to move to transportation and housing solutions that benefit our communities and the region,” said Holden.
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